LEADERS of the House of Representatives said on Thursday that they will continue to support farm modernization despite the potential loss of funding from rice import tariffs, which the government reduced to 15% from 35%.
The Rice Competitiveness Enhancement Fund (RCEF), which finances industry modernization, is by law the recipient of P10 billion a year from rice import tariffs. RCEF tariff support is authorized by the Rice Tariffication Law of 2019.
“Even at the higher allocation of P15 billion for the Rice Competitiveness Enhancement Fund under the House version of the revised (Rice Tariffication Law), we are already assured it will be funded for next year,” Quezon Rep. Wilfrido Mark M. Enverga said in a statement.
Mr. Enverga chairs the House Committee on Agriculture and Food.
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